Well what did you expect? The series had totally ridiculous races through volcanoes and arctic environments. The Mach 5 had an insane array of gadgets including the spring jacks and twin buzzsaws that came out of the front to cut trees out of the way. If you look at it as what it is, a live action version of the cartoon series, they seem to have most if not all of the elements in place. I know I'm going to have to take my son to it either way, but I think it'll be a pretty fun movie. Of course, I actually liked watching the Spy Kids movies with my kids, so that helps too.
Edit: I have to say, though, I love the look of Snake Oiler's car in the trailer. Very nice transfer to live action.